Sale of investment property (vacant land)

[FinallyInSeattle]

I'm filling in my land sale information and there's just one box offered for "Sales Expenses" with no guidance on what I can include.  Which of these can I enter as a "Sales Expense"?

1. Attorney fees (used in lieu of real estate agent)
2. Settlement/closing fees
3. Title insurance
4. Excise tax

[KarenL · Accepted solution]

You can include your attorney's fees, some of the settlement/closing fees (see below), title insurance, and excise taxes.

Sales expenses are listed in the sellers column of your settlement statement and include:

• commissions
• appraisal fees
• broker's fees
• legal fees
• advertising fees
• home inspection reports
• title insurance
• transfer taxes or fees
• geological surveys
• loan charges (points) or other fees paid on the buyer's behalf
• any fees for a service that helped you sell your home without a broker (listing fees, promotional fliers, etc.) 

Sales expenses do not include:

• mortgage payoffs
• home equity loan payoffs
• rent-back costs
• payoff to creditors
• property taxes
• home owner association fees

[Justme123]

which version of Turbo Tax are you using to find this section to enter the fees?

[elg2]

I'm using TurboTax Premier 2019. The box "Sales Expenses" does not appear when entering information on my land sale.  What version of TurboTax are you using?

[LeonardS]

To enter your land sale and expenses in TurboTax Premium follow these steps.

• Click on the Federal Taxes tab, then Wages & Income
• Scroll down to Investment Income and select Stocks, Mutual Funds, Bonds, Other.
• Answer yes to Did you sell any investments? 
•  Answer no to Did you get a 1099-B or brokerage statement?   
• Select Land from the list of various investment sales.
• On the screen Enter Land Sale Information and you'll be able to enter your information.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds,” it must be checked.
• Then hit "continue" and follow the prompts.

[moharun]

Great answer. I got a 1099-S from the title company.  Can I use your method?

[MarilynG1]

@moharun Click this link for info on How to Enter 1099-S.

[zman1163]

I am using TurboTax Home & Business.   I do not get the option to select land as the type of sale, it just puts me to an input of stocks from Financial institution.   How do I contact TurbTax or someone to get this corrected?

• Select Land from the list of various investment sales.
• On the screen Enter Land Sale Information and you'll be able to enter your information.  Be aware of the tiny box that says "I paid sale expenses not included in proceeds,” it must be checked.
• Then hit "continue" and follow the prompts.

[zman1163]

Is there any way to deduct from the sales proceeds some of the costs of Maintaining and investment property (vacant lot) such as HOA dues and taxes

[moharun]

Be aware of the tiny box that says "I paid sale expenses not included in proceeds,” it must be checked. Then hit "continue" and follow the prompts.

Just after this step, you can enter the cost for closing, maintenance, etc.

Generally, vacant land only having closing costs. 

[zman1163]

Thanks - I think the HOA dues can be deducted on schedule A but are subject to the 2 % rule

[moharun]

Unless it is a lot of money, may not worth entering.

[promedsear]

Where do I enter a land sale transaction on TurboTax premier on-line?

[DoninGA]

To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Under Investment Income
• On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales

On the screen Did you sell stocks, mutual funds, bonds, or other investments in 2020? click on Yes

On the screen OK, what type of investments did you sell? click on Other and then on Continue

Continue past the screen Tell us more about this sale

On the screen Now we’ll walk you through entering your sale details, select the type of investment sold in the dropdown on What type of investment did you sell?

Continue with this section until it completes.

[geted]

where do I enter sales and deduction data?